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Old 12-14-2011, 03:33 PM   #1
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Boat Loans

Hi all my wife and I are having trouble obtaining a boat loan for a 1982 year boat. Any help is greatly appreciated. Thanks.

*

Scott
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Old 12-14-2011, 03:59 PM   #2
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RE: Boat Loans

Quote:
scitch8 wrote:
*Any help is greatly appreciated. Thanks.

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Old 12-14-2011, 04:04 PM   #3
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RE: Boat Loans

huh?
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Old 12-14-2011, 06:57 PM   #4
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RE: Boat Loans

Ask your broker for help. I used Key Bank, but don't know if they're still writing boat loans.
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Old 12-14-2011, 10:02 PM   #5
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RE: Boat Loans

The problem with some bankers is they don't understand value when it comes to dealing with yachts. A 1982 to a bank officer that knows nothing about a yacht will think any amount of equity is gone. I would suggest ask the loan's officer if he/she ever dealt with loans for yachts, if YES present your survey to him/her and talk as if you know it inside out, if the answer is NO, find someone that has.

It could be frustrating dealing with the ignorant.*

Elwin*
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Old 12-15-2011, 09:09 AM   #6
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RE: Boat Loans

Not many banks offer loans on older boats. Most financing will require 20+% down and a surveyor that they know trust.* Most have a preferred list of surveyors to use.* also you might want to check your credit score and if you have any delinquent creditors they will have to be cleaned up *
*
Try these as they do mostly boat loans.* *
*
BofA* - 541-265-2258
Essex Credit 866-377-3948.
Seacpst Marine 888-890-2877.*
Key Bank 800-539-3123,
Trent Funding 866-255-8800.
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Old 12-15-2011, 09:32 AM   #7
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RE: Boat Loans

Key Bank is out on boats.* They have been for a couple of years.* I had a boat with them and when I heard they were not doing boats anymore I called and asked if being as I had a good loan and was considering buying a different boat would they still do existing customers and their answer was.* "No.**We out of the boat business."

You may need a loan*broker for help.* Someone that deals with several companies and will know which one is best for your personal situation.

Here is one such person, George Arnold (910) 619-4573.* I think some of the brokers (boat) on this list could supply you with good*finance sources for older boats.
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